As Amended
SEC. 57-43-1. Establishment of Railroad Revitalization Fund; deposits and expenditures.
There is hereby established in the State Treasury a revolving fund to be designated as the "Railroad Revitalization Fund." Monies (including interest earnings) in this fund shall be expended either separately or in combination with any available federal funds for railroad research, railroad planning and railroad administration costs incurred by the Mississippi Department of Transportation directly attributable to railroad revitalization projects; assistance to railroads for the rehabilitation or improvement of rail lines; and construction, improvement or rehabilitation of railroad facilities, excluding the purchase, repair or improvements to rolling stock of a railroad. The Mississippi Department of Transportation, in conjunction with the railroads operating in the State of Mississippi, shall update the State Rail Plan. During fiscal year 1993, a sum not to exceed One Hundred Fifty Thousand Dollars ($150,000.00) of the "Railroad Revitalization Fund" shall be used specifically for initial research and analysis to update the State of Mississippi Railroad Plan in order to comply with the provisions of the Federal Railroad Administration's Local Rail Freight Assistance Program. Funds appropriated or otherwise provided by the Legislature for rail line assistance shall be deposited in the Railroad Revitalization Fund. Any monies received by the Mississippi Department of Transportation by agreements, grants, gifts or other means from individuals, companies or other business entities, municipalities, counties, local railroad authorities or regional railroad authorities or other governmental agencies for the purposes set forth in this chapter, except federal grants made under Section 5 of the Department of Transportation Act, as amended (49 U.S.C. 1654) [repealed], shall be credited to the Railroad Revitalization Fund. Any interest received from investment of monies in the fund shall be credited to the fund and shall not be deposited into the State General Fund. Use of this fund for railroad research, planning and administration costs incurred by the Mississippi Department of Transportation that are directly attributable to railroad revitalization projects shall be limited to an annual amount not to exceed Twenty-five Thousand Dollars ($25,000.00) derived from collections from the locomotive fuel tax for the previous year.
SOURCES: Laws, 1981, ch. 470, Sec. 1, reenacted, 1984, ch. 419, Sec. 1; 1991, ch. 357 Sec. 1; 1992, ch. 496, Sec. 48; 1993, ch. 355, Sec. 1, eff from and after passage (approved March 12, 1993).